Rayonier, Inc. (NYSE:RYN) Q2 2020 Earnings Conference Call August 6, 2020 10:00 AM ET Company Participants Mark McHugh – Senior Vice President and Chief Financial Officer Dave Nunes – President and Chief Executive Officer Doug Long – Senior Vice President, Forest Resources Conference Call Participants Randy Toth – Citi Jesse Barone – BMO Capital Markets Kurt Yinger – D.A. Davidson Paul Quinn – RBC Capital Markets Mark Weintraub – Seaport John Babcock – Bank of America Operator Welcome, and thank you for joi ...

Rayonier, Inc. (NYSE:RYN) Q1 2020 Earnings Conference Call April 30, 2020 10:00 AM ET Company Participants Mark McHugh - SVP & CFO David Nunes - President, CEO & Director Douglas Long - SVP, Forest Resources Conference Call Participants Collin Mings - Raymond James & Associates John Babcock - Bank of America Merrill Lynch Randy Toth - Citigroup Paul Quinn - RBC Capital Markets Operator Welcome, and thank you for joining Rayonier's First Quarter 2020 Teleconference Call. [Operator Instructions]. Today's conf ...

Company Overview - Rayonier manages 26 million acres of timberlands[13] - The company has acquired $18 billion of timberlands since 2011[15] - In 2019, Rayonier's Southern Timber segment generated $1197 million in EBITDA[42] Timberland Portfolio - Rayonier's U S South portfolio consists of 18 million acres with a sustainable yield of 61 to 65 million tons[17,42] - The Pacific Northwest portfolio includes 379000 acres with a sustainable yield of 14 million tons[17] - New Zealand timberlands cover 414000 acres with a sustainable yield of 24 to 27 million tons[17] Strategic Acquisition - Rayonier is set to acquire Pope Resources, adding 125000 acres to its Pacific Northwest timberland portfolio[38] - The acquisition is expected to increase PNW sustainable yield by 57 MMBF[38] - Synergies from the acquisition are projected at $5 million annually[39] Financial Performance - Rayonier's Adjusted EBITDA for 2019 was $2478 million[144] - The company's net debt as of Q4 2019 was $9883 million[139] Market Position - Approximately 61% of Rayonier's Southern timberlands are located in the top two markets based on TimberMart-South composite stumpage pricing[54]

Financial Data and Key Metrics Changes - In Q4 2019, the company generated adjusted EBITDA of $65 million and earnings per share of $0.12, with adjusted EBITDA exceeding the prior year quarter by approximately 30% [6][13] - For the full year, adjusted EBITDA was $248 million, a decline of 27% compared to the previous year, primarily due to lower contributions from the Real Estate segment [7][14] - Cash available for distribution (CAD) for the year was $149 million, down from $240 million in the prior year, attributed to lower adjusted EBITDA and higher capital expenditures [14] Business Line Data and Key Metrics Changes - Southern Timber segment achieved full-year adjusted EBITDA of $120 million, a 16% increase over the prior year, driven by increased volume and non-timber income [7][20] - Pacific Northwest Timber segment reported full-year adjusted EBITDA of $17 million, a significant decline of 59% from the prior year due to lower log prices and export volumes [9][23] - New Zealand Timber segment's full-year adjusted EBITDA declined 17% to $76 million, primarily due to decreases in export and domestic sawtimber prices [10][28] - Real Estate segment generated full-year adjusted EBITDA of $60 million, roughly half of the prior year's result, driven by a lower number of acres sold [11] Market Data and Key Metrics Changes - The Southern Timber segment saw a 23% increase in Q4 harvest volume compared to the prior quarter, while the Pacific Northwest Timber segment experienced a 60% increase in Q4 harvest volume [16][21] - In New Zealand, the average delivered export sawtimber price was $102.69 per ton, 11% unfavorable compared to the prior year quarter due to increased competition from European Spruce salvage volume [25][26] - The company noted that approximately two-thirds of its export from New Zealand historically goes to China, with plans to redirect some volume to other markets during the coronavirus outbreak [55] Company Strategy and Development Direction - The company is focused on unlocking long-term value from its development and rural property portfolio, with a strong pipeline of identified opportunities [38] - Rayonier plans to close the acquisition of Pope Resources around mid-2020, which is expected to enhance its portfolio and increase annual adjusted EBITDA by approximately $38 million [42][44] - The company aims to improve its portfolio through acquisitions and redeploy land sale proceeds into capital allocation opportunities that enhance long-term value per share [46] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the Phase I trade agreement with China, anticipating potential benefits for log exports [81][88] - The company acknowledged challenges in the near term due to the coronavirus outbreak, which could impact demand and log flow into China [50][54] - Management highlighted the importance of operational flexibility and coordination in navigating challenging market conditions while maximizing long-term value [40][41] Other Important Information - The company reported a modest increase in debt due to acquisitions totaling $60 million during the fourth quarter, with net debt representing 19% of enterprise value [14][15] - The average price per acre of Real Estate sales in 2019 was over $4,300, the highest level since 2007, despite lower volume sold [11] Q&A Session Summary Question: Impact of coronavirus on export markets - Management noted that the situation is fluid, with potential decreases in demand for logs due to labor restrictions and port slowdowns in China [50][54] Question: Update on European spruce beetle epidemic - Management indicated that the spruce volume in China has significantly increased, with expectations that the epidemic may peak in 2020-2021 [62][66] Question: Sustainable harvest levels - Sustainable harvest levels were disclosed as 5.9 to 6.3 million tons for the South, 1.4 million tons for the Pacific Northwest, and 2.4 to 2.6 million tons for New Zealand [94][98] Question: Pricing expectations for New Zealand and Southern pricing in 2020 - Management expects EBITDA per ton to fall 5% in the South and closer to 25% in New Zealand, reflecting market conditions and geographic mix [108]

Financial Performance - Q4 2019 - Sales reached $178.8 million, compared to $166.1 million in Q4 2018[11] - Operating income was $26.1 million, a significant increase from $15.0 million in Q4 2018[11] - Net income attributable to Rayonier Inc was $16.0 million, a substantial rise from $2.0 million in Q4 2018[11] - Adjusted EBITDA was $65.0 million, up from $49.9 million in Q4 2018[11] Financial Performance - Full Year 2019 - Cash provided by operating activities was $214.3 million, a decrease from $310.1 million in 2018[11] - Cash available for distribution (CAD) was $149.4 million, down from $240.1 million in 2018[11] - Capital expenditures totaled $64.0 million, slightly higher than $62.3 million in 2018[11] - Timberland acquisitions amounted to $142.3 million, a significant increase from $57.6 million in 2018[11, 28] Debt and Liquidity - Debt stood at $1,057.0 million, an increase from $975.0 million in 2018[12] - Cash holdings were $68.7 million, a decrease from $148.4 million in 2018[12]

Q3 2019 Financial Supplement October 2019 Safe Harbor Statement Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier's earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier's business strategies, including expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier's business strategies, and other similar statements relating to Rayonier's f ...

Rayonier Inc. (NYSE:RYN) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET Company Participants Mark McHugh - SVP and CFO Dave Nunes - President and CEO Doug Long - SVP, Forest Resources Conference Call Participants Randy Toth - Citi Ketan Mamtora - BMO Capital Markets Kurt Yinger - D.A. Davidson Collin Mings - Raymond James Paul Quinn - RBC Capital Markets John Babcock - Bank of America Salvator Tiano - Vertical Research Operator Welcome and thank you for joining Rayonier's Third Quarter 2019 T ...